Federal Reserve chairman vows to 'remain vigilant'

07 February, 2018, 01:43 | Author: Barbara Daniel

However, the yields on government bonds are now at several-year highs, and the stock market ended Friday's extremely hard week in which Dow Jones lost 666 points on Friday. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising.

Jerome Powell has been sworn in as Federal Reserve chief, replacing Janet Yellen. His nomination was approved by the Senate earlier this month for a four-year term as chairman that will end in February 2022.

"But I do want to say high", Yellen said on CBS's Sunday Morning in an interview recorded on Friday as she prepared to leave the central bank. The Commission raised the base interest rate by a quarter of a point five times under the management of Yellen. The financial system, he says, is now "stronger and more resilient than before financial crisis that began a decade ago". Her final act at the agency, imposing a consent order on Wells Fargo for its phony-accounts scandal, dealt a huge blow to the bank.

The former lawyer will be the first Fed chair without an extensive background in economics since G William Miller in the late 1970s. He graduated in politics from Princeton and in law by Georgetown.

"If the Fed raises (the) rate sufficiently to assure financial stability, there is the risk that the economy will slow too much. We intend to keep it that way", Powell said.

He served as undersecretary at the Treasury Department in the George Bush administration, responsible for policy on financial institutions and the Treasury debt market.

Comptroller of the Currency Joseph M. Otting issued the following statement congratulating outgoing Chair of the Board of Governors of the Federal Reserve System Janet L. Yellen.

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